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Silk Road Medical Reports Third Quarter 2022 Financial Results

SUNNYVALE, Calif., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Silk Road Medical, Inc. (Nasdaq: SILK), a company focused on reducing the risk of stroke and its devastating impact, today reported financial results for the three months ended September 30, 2022.

“Our performance in the third quarter reflects broad-based U.S. TCAR strength as we capitalize on the operational infrastructure our team has worked so hard to establish,” said Erica Rogers, CEO of Silk Road Medical. “This is the first time in over seven decades that the carotid artery disease market has experienced a level playing field for a minimally invasive approach with open surgery. With TCAR now available to all eligible patients, we have cemented the foundation to establish a new standard of care for carotid artery disease.”

Third Quarter 2022 Financial Results
Revenue for the third quarter of 2022 was $37.4 million, an increase of $12.7 million, or 51%, compared to the third quarter of 2021. Growth was driven primarily by increased TCAR adoption.

Gross profit for the third quarter of 2022 was $28.1 million compared to $18.6 million for the third quarter of 2021. Gross margin was 75% for the third quarter of 2022 and 2021. Gross margin for the current quarter benefitted from the revaluation of standard costs as commercial production commenced at the Minnesota facility.

Operating expenses were $37.3 million for the third quarter of 2022, compared to $31.9 million in the comparable prior year period, which represents an increase of 17%. The increase was driven by increased headcount in the Company’s commercial and R&D organizations, along with continued investments in new and ongoing R&D programs.

Net loss was $10.3 million in the third quarter of 2022, or $0.29 per share, as compared to a loss of $13.9 million, or $0.40 per share, in the corresponding prior year period.

Cash, cash equivalents and short-term investments were $105.1 million as of September 30, 2022. Following the quarter close, the Company completed a follow-on equity offering, adding approximately $109 million in net proceeds to the balance sheet as of October 25, 2022.

2022 Financial Guidance
Silk Road Medical now projects revenue for the full year 2022 to range from $134 million to $137 million, which represents 32% to 35% growth over the Company’s prior year revenue.

Conference Call
Those interested in listening to the conference call should register online using this link. Participants are encouraged to register more than 15 minutes before the start of the call. A live and replay version of the webcast will be available at

About Silk Road Medical
Silk Road Medical, Inc. (NASDAQ: SILK), is a medical device company located in Sunnyvale, California, and Plymouth, Minnesota, that is focused on reducing the risk of stroke and its devastating impact. The Company has pioneered a new approach for the treatment of carotid artery disease called TransCarotid Artery Revascularization (TCAR). TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. For more information on how Silk Road Medical is delivering brighter patient outcomes through brighter clinical thinking, visit and connect on Twitter, LinkedIn and Facebook.

Forward-Looking Statements
Statements contained in this release that relate to future, not past, events are forward-looking statements under the Private Securities Litigation Reform Act of 1995, including Silk Road Medical’s projected 2022 revenue. Forward-looking statements are based on current expectations of future events and often can be identified by words such as “expect,” “should,” “project,” “anticipate,” “intend,” “will,” “can,” “may,” “believe,” “could,” “continue,” “outlook,” “guidance,” “future,” other words of similar meaning or the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Risks and uncertainties may cause Silk Road Medical’s actual results to be materially different than those expressed in or implied by Silk Road Medical’s forward-looking statements. For Silk Road Medical, such risks and uncertainties include, among others, future operating results and financial performance; the ability to obtain an adequate supply of materials and components from its third-party suppliers; product development plans and the ability to commercialize new products in a timely manner; plans to conduct further clinical trials; the ability to obtain additional indications or new regulatory approvals or clearances for its products; use of its products by physicians; the ability to grow its commercialization infrastructure; the effect of economic conditions and COVID-19 or similar pandemics on its business; government and third-party payer coverage and reimbursement; success in retaining and recruiting key personnel; and the ability to obtain and maintain intellectual property protection for its products. More detailed information on these and other factors that could affect Silk Road Medical’s actual results are described in its filings with the U.S. Securities and Exchange Commission, including its most recent annual report on Form 10-K for the fiscal year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q. Silk Road Medical undertakes no obligation to update its forward-looking statements.

Investor Contact:
Lynn Lewis or Marissa Bych
Gilmartin Group

Michael Fanucchi
Silk Road Medical

Statements of Operations Data
(unaudited, in thousands, except share and per share data)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 2022  2021  2022  2021 
Revenue$37,374  $24,701  $98,567  $73,210 
Cost of goods sold 9,308   6,076   26,897   18,213 
Gross profit 28,066   18,625   71,670   54,997 
Operating expenses:           
Research and development 8,471   6,867   27,249   19,611 
Selling, general and administrative 28,821   25,049   83,795   68,792 
Total operating expenses 37,292   31,916   111,044   88,403 
Loss from operations (9,226)  (13,291)  (39,374)  (33,406)
Interest income 617   42   751   183 
Interest expense (1,714)  (633)  (3,366)  (1,884)
Loss on debt extinguishment       (245)   
Other income (expense), net 4   (3)  (162)  (11)
Net loss (10,319)  (13,885)  (42,396)  (35,118)
Other comprehensive loss:           
Change in unrealized gain (loss) on investments, net (189)  (2)  (191)  (38)
Net change in other comprehensive loss (189)  (2)  (191)  (38)
Net loss and comprehensive loss$(10,508) $(13,887) $(42,587) $(35,156)
Net loss per share, basic and diluted$(0.29) $(0.40) $(1.21) $(1.02)
Weighted average common shares used to compute net loss per share, basic and diluted 35,303,958   34,736,015   35,157,840   34,536,980 

Balance Sheets Data
(unaudited, in thousands)
 September 30, 2022 December 31, 2021
Current assets     
Cash and cash equivalents$51,306  $110,231 
Short-term investments 53,826    
Accounts receivable, net 17,019   11,832 
Inventories 20,293   17,851 
Prepaid expenses and other current assets 4,543   3,412 
Total current assets 146,987   143,326 
Property and equipment, net 9,671   7,697 
Restricted cash 155   232 
Other non-current assets 5,731   5,370 
Total assets$162,544  $156,625 
Liabilities and stockholders' equity     
Current liabilities     
Accounts payable$4,312  $2,379 
Accrued liabilities 19,621   19,802 
Short-term debt    3,905 
Total current liabilities 23,933   26,086 
Long-term debt 74,340   44,786 
Other liabilities 7,073   6,513 
Total liabilities 105,346   77,385 
Stockholders' equity     
Preferred stock, $0.001 par value     
Common stock, $0.001 par value 35   35 
Additional paid-in capital 388,452   367,907 
Accumulated other comprehensive income (loss) (191)   
Accumulated deficit (331,098)  (288,702)
Total stockholders' equity 57,198   79,240 
Total liabilities and stockholders' equity$162,544  $156,625 

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